Oil was struggling for the past 5 sessions to push forth below the 46.29 level, which is a critical level as it is around its trend line in Orange. Breaking out the consolidation zone, highlighted on the chart, will send it to 42.55, with 44.4 as a primary objective.
Breaking out 47.8 will reject the bearish market, with 49.39 as an objective, and 48.38 as a primary objective.
On a daily scale, Oil is heading to Breakout its trend line in Orange, which will send it south towards 44.4, with 45.43 as a primary objective. Oil will have 46.84 as a daily resistance, which breaking out will send it up to re-visit 47.5.
The daily Pivot Point is around 46.47. The daily support levels are around 45.46 and 44.83. The daily resistance levels are around 47.1 and 48.11.